Thursday's Market Update (July 4, 2024)

04 Jul 2024 by rate3

On Thursday, while the largest stock markets are closed for a national holiday, the UK's index rose as general election polls suggested the Labour Party may secure a majority. In global markets, the Brazilian real strengthened after Lula promised to address fiscal imbalances. BTC dipped below $57K, its lowest in two months. Potential sell-offs by Mt. Gox creditors receiving long-awaited payouts are adding to the whales' sell pressure.

Crypto

Long-term BTC investors (holding over 155 days) have been cashing in on profits recently, with their Spent Output Profit Ratio (SOPR) metric hitting highs above 10. This surge in profit-taking by these typically resilient holders might have contributed to the recent BTC price drop below $57K. (source)

World Markets

The UK's FTSE 100 index rose. Meanwhile, the UK's general election was ongoing, with early polls suggesting the Labour Party may secure a majority, ending the Conservative Party's 14-year rule. 1Y trend: "Up"

Currencies

The Brazilian real strengthened to over 5.5 per USD after President Lula da Silva's meetings with ministers aimed to address fiscal imbalances. The president directed a cut in mandatory expenses and committed to a new fiscal framework, which will aim for balanced public accounts. 1Y trend: "Up"